Stock Market Correction – Perspective For Crypto Market

It has been a sobering couple of days for the whole cryptocurrency market after the biggest sell off in recent memory.

Bitcoin dipped below $7,000 for the first time since November marking a complete turnaround from the value that marked the start of a phenomenal bull run all the way up to $20,000.

But after positive statements from the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission Tuesday, the markets have had a complete turnaround.

In the space of a week, the overall cryptocurrency market capitalization (according to Coinmarketcap data) had dropped to $276.8 bln, losing over $100 bln in value in that timeframe before seeing gains of over $100 bln today.

Last week was marked by panic in the crypto market, no doubt from late investors that piled money into the markets amid the rapidly rising Bitcoin price late last year.

As a swathe of regulatory moves from governments and banks around the world caused uncertainty, people scrambled to sell in an effort to minimize losses.

On paper, it looked bad. But the cryptocurrency pull back has ironically overshadowed a far bigger stock market over the past week.

Crypto crash overshadowing massive stock market crash

Coinciding with the massive correction taking place in the cryptocurrency world, the global stock market has also been hit by a massive crash.

According to Reuters, the past week has seen over $4 tln of stock value has been wiped out.

Take a moment to reflect on that number. Global stock markets lost nearly 15 times the total cryptocurrency market capitalization in the space of seven days…

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